Featured StorySo-called "bail-ins," which give banks the right to dip into your savings to pay for their lousy financial decisions, have been on the table for years, ever since Cyprus tested the idea.
But they're moving beyond the "testing phase" now.
The latest clue came from a seemingly benign banking conference on December 2, when one man revealed some frightening central government intentions.
And anyone taking careful notes understands the consequences.
You see, the most direct impact will be felt by the biggest account holders. But the indirect impact will hit everyone.
401(k)s... IRAs... Individual brokerage accounts...
The market will not like the newfound acceptance for bail-ins. And it won't get any warning - neither will we. Not from the mainstream financial outlets, anyway.
They're not even covering it.
First, here’s the frightening – and all-too-real – scenario…
Why the Government Wants to Hijack Your 401(k)
It's bad enough that we've been forced to bail out Wall Street. But now the Obama administration is hatching plans to raid our retirement savings, too.
To say that I'm "outraged" doesn't come close to describing the emotions I experience every time I think about the government's latest hare-brained scheme.
According to widespread media reports, both the U.S. Treasury Department and the Department of Labor plan are planning to stage a public-comment period before implementing regulations that would require U.S. savers to invest portions of their 401(k) savings plans and Individual Retirement Accounts (IRAs) into annuities or other "steady" payment streams backed by U.S. government bonds.
Folks, there's only one reason these agencies would do such a thing - the nation's creditors think that U.S. government bonds are a bad bet and don't want to buy them anymore. So like a grifter who's down to his last dollar, the administration is hoping to get its hands on our hard-earned savings before the American people realize they've had the wool pulled over their eyes ... once again.
For the full details on the government's newest financial gambit, read on... Read More...